2.31.1.1 appoint one (1) or more Clearing Members to whom all or any part of such positions shall be transferred to be handled for the defaulted or suspended Clearing Member. When positions are so transferred, margins deposited thereon and any settlement due or collected must be delivered to the Clearing House, to be entrusted to the Clearing Member or Clearing Members designated to handle the transactions;

2.31.1.2 execute hedging transactions, on behalf of and at the risk of the defaulted Clearing Member, to eliminate or reduce market risk resulting from such open positions;

2.31.1.3 without prejudice to Rule 2.31.1.1, appoint one or more Inter Dealer Brokers, Clearing Members or members of the applicable Relevant Market to close out such positions on the behalf of and at the risk of the defaulted Clearing Member; and/or

2.31.1.4 where the open positions relate to an Eligible OTC Transaction or a Contract subject to physical delivery prior to the matching process in Rule 6.02A.7, and it is in the Clearing House's good faith opinion impossible or impracticable for the open positions to be transferred or closed out pursuant to Rules 2.31.1.1 and 2.31.1.3 respectively, the Clearing House may, in addition to any other power or right it may have, invoice back such positions to the defaulting Clearing Member while simultaneously also invoicing back the equivalent number of positions or as nearly equivalent number of such positions as the Clearing House may deem practical to other non-defaulting Clearing Members, and/or any other non-defaulting Relevant Market (or its clearing house) holding appropriate opposite positions (whether reported to the Clearing House as being House or Customer positions) as at the date of such invoicing back, on a pro-rata basis, calculated as the proportion of such gross opposite positions of each non-defaulting Clearing Member and/or Relevant Market (or its clearing house) at the date of such transfer relative to the aggregate value of such open positions held by all non-defaulting Clearing Member's (to be rounded down or up if the number of lots is not a whole number at the Clearing House's absolute discretion). Invoicing back shall be carried out by the Clearing House effecting and registering opposite positions between itself and each of the affected Clearing Members and/or other Relevant Market (or its clearing house) and thereupon settling such open positions against such opposite positions, at a price determined by the Clearing House. The Clearing House's actions, including the timing of the transfer and the price determined by the Clearing House shall be binding on all affected Clearing Members.